Nick Nasad
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NZD/JPY - Possible Inverse Head and Shoulders in Short Term?

Will NZD/JPY create an inverse head and shoulders pattern here?

  • In the 1-hour timeframe, it currently tests the 200-moving average and that will act as key resistance.
  • If it holds, then the bears retain control.
  • However if we push above the 200 in that timeframe, then we are also initiating the break of the neckline in this head and shoulders pattern,
  • The measured move target to the upside would 40 pips from the neckline break, which comes in around 81.50.

- Nick